The stock has completed a clear 5-wave impulse into the 2182.45 high. Since then, price action has unfolded into a complex W–X–Y corrective structure.
Now, price is testing a confluence of supports — the strong demand area, channel bottom, and the rising 200-week MA. This cluster raises the probability of a bounce, which may mark the beginning of Wave X2/1.
The 200-week MA serves as dynamic support and a trailing stop, while the hard invalidation remains at 1810. A decisive close below this level would negate the bullish scenario and signal deeper weakness.
Summary:
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please DYOR before making trading decisions.
Now, price is testing a confluence of supports — the strong demand area, channel bottom, and the rising 200-week MA. This cluster raises the probability of a bounce, which may mark the beginning of Wave X2/1.
The 200-week MA serves as dynamic support and a trailing stop, while the hard invalidation remains at 1810. A decisive close below this level would negate the bullish scenario and signal deeper weakness.
Summary:
- Completed 5-wave advance into 2182.45
- Current correction unfolding as W–X–Y
- Multiple supports aligning (MA200 + channel + demand area)
- Bounce potential into Wave X2/1
- Dynamic stop: MA200 | Hard invalidation: 1810
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please DYOR before making trading decisions.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.